Today the Government has announced a £30 million boost to Start-Up Loans to create thousands of new businesses and help young people find jobs in Swindon.
The Prime Minister’s announcement brings the total pot for Start-Up Loans to more than £110 million over the next three years and will see the age range extended to 30 years old, enabling more people to take advantage of this fund. The funding comes in conjunction with free business advice from mentors, crucial to those taking their first steps in self-employment.
New figures have shown that in the first three months of the scheme alone, over £1.5 million worth of loans have been approved, helping nearly 500 new businesses get off the ground. The South-West has received 7 per cent of the total loans which have been awarded so far.
Justin welcomed the announcement:
‘This is an issue I have championed both in Parliament and locally. When I visit New College and Swindon College, young people show they have the enthusiasm, energy and drive to be successful young entrepreneurs and this announcement could help more realise their potential. Young people really are inspired by popular TV programmes such as The Apprentice and Dragons Den. This Government is on the side of everyone who wants to work hard and get on and I would encourage any budding entrepreneur in Swindon to apply for a Start Up loan to get their business ideas moving.
‘This £30 million boost will make a huge difference to the hundreds of young people in Swindon who have always aspired to own their own business, helping new companies get started and bringing jobs and growth to our economy.
‘We are increasing loans to small companies, investing in innovation and cutting corporation tax to make sure Britain can build the best businesses and compete in the global race. This is great news for Swindon and I will continue to do all I can to help provide further real-life opportunities for young entrepreneurs in Swindon.’
